Dogecoin (DOGE) saw a significant 13% price jump in just 15 minutes on Jan. 21 after the launch of the U.S. Department of Government Efficiency’s official website.
Dogecoin (DOGE) saw a significant 13% price jump in just 15 minutes on Jan. 21 after the launch of the U.S. Department of Government Efficiency’s official website. The website prominently displays the Dogecoin logo, marking a key moment for the cryptocurrency. It also features the department's title, a dollar sign, and the slogan, “The people voted for major reform.” This move has raised Dogecoin’s profile, especially after the cryptocurrency had experienced a short-term price decline of 10% earlier in the day. Following the launch, DOGE’s price quickly rose from $0.33 to $0.40, showing a 20% rebound from its earlier low.
Created through President Donald Trump’s executive order, the Department of Government Efficiency, also known as DOGE, is tasked with reducing government spending and improving regulations. The connection between an official government department and the cryptocurrency is unconventional but has led to increased visibility for the memecoin. Analysts speculate this could enhance the token’s legitimacy and increase market interest.
Alongside DOGE’s price surge, another similarly named token, Department of Government Efficiency (dogegov.com), also saw a 35% increase in value within 24 hours. The rise in the value of these tokens reflects growing interest from the crypto community, with many commenting on the surprising connection between Dogecoin and a government initiative. Social media reactions, such as tweets from crypto enthusiasts, further fueled the excitement, with one trader writing, “The U.S. government is now officially shilling memecoins.”
Technically, Dogecoin is showing signs of a bullish breakout. A “bull flag” pattern has emerged, indicating that DOGE could continue its upward momentum. If the price breaks above the resistance level at $0.37, the token could potentially reach new heights, with a target of $1.61, representing a 340% increase from current levels. The relative strength index (RSI) also remains in a positive region, signaling that there is still upward momentum in the market.
The launch of the official Department of Government Efficiency website, coupled with the use of the Dogecoin logo, has caught the attention of both traders and analysts. As the market continues to respond to these developments, it remains to be seen how much further DOGE’s price could climb. The combination of increased visibility, the bullish technical setup, and the social media buzz surrounding the news all suggest that Dogecoin could be in for more speculative interest in the coming days.
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